Oil Falls as Saudi Pushes OPEC to Hold Production

Saudi oil minister Ali al-Naimi, who wants to target US shale producers, claims latest Opec meeting was ‘amicable’ despite some exporters seeking higher prices. Saudi Arabia has bulldozed fellow members of the Opec oil cartel to hold production levels at the current level. Doing so will ensure that lower crude and petrol prices will continue for the foreseeable future.The world’s most powerful oil-producing country is determined to keep down the value of oil in a bid to reassert the dominance of Opec against its new rivals--the shale companies in North America. OPEC Secretary General Abdalla Salem El-Badri says the cartel has agreed to a ceiling of 30 million barrels a day.